This study examines whether managerial overconfidence coupled with self‐attribution bias distorts the investment decisions of firms. To this end, we investigate the impact of overconfidence on asymmetric investment cash flow sensitivity (ICS). We find that managerial overconfidence affects ICS in a downward‐sticky direction, which is reinforced by overconfidence coupled with managerial self‐attribution. The results for both unconstrained and constrained firms are qualitatively consistent with those for the overall sample; however, the constrained subsample provides slightly weaker results. Thus, our findings indicate that managerial overconfidence and self‐attribution to recent successes may induce managers to make excessive investment commitments.

中文翻译：

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自利归因与管理投资决策

本研究探讨了管理层的过度自信与自我归因偏差是否会扭曲公司的投资决策。为此，我们研究了过度自信对不对称投资现金流敏感度（ICS）的影响。我们发现，管理者过度自信对 ICS 的影响是向下粘性的，而过度自信和管理者自我归因又强化了这种影响。不受约束和受约束企业的结果在质量上与整体样本的结果一致；然而，受限子样本提供的结果稍弱。因此，我们的研究结果表明，管理层的过度自信和对近期成功的自我归因可能会导致管理者做出过多的投资承诺。